NAR’s Economist Says Economy Is In a Recession

In his latest commentary, NAR chief economist Lawrence Yun says the U.S. economy is in a recession, but the country may be able to climb out of it within a few months.

Yun’s comments come after the leading economic index rose by 0.3 percent in September after five months of losses. Despite that modest increase, “one cannot be very optimistic about the next three quarters of economic growth,” Yun says.

To help the economy rebound, Yun suggests that a second economic stimulus package should feature additional assistance to the housing market “because the economy will not rebound without the housing sector.” He also advocates making the homebuyer tax credit “clean” by removing the repayment requirement, which may help persuade reluctant homebuyers to enter the housing market.